Addison, AL, October 31, 2006--In the third quarter manufactured housing producer Cavalier Homes reported a net loss of $788,000 or $0.04 per share, compared to net earnings of $1.58 million or $0.09 per share in the year-ago quarter
Analysts were expecting the company to report breakeven per share for the quarter.
Revenue for the quarter declined to $50.9 million from $57.29 million in the same quarter of last year. Analysts had revenue consensus estimate of $52.72 million for the quarter.
David Roberson, president and CEO said the lower revenue and earnings comparisons for the third quarter reflected the benefit the company received last year from the shipment of 211 Federal Emergency Management Agency (FEMA) homes.
Those shipments added approximately $6,400,000 in revenue in the year-earlier quarter.
Roberson said, excluding the impact of these shipments its was clear that the company’s traditional operations for the third quarter continued to be essentially flat against last year.
He noted that industry shipment statistics through August, the latest report available, reflect an overall decline of 4.2% in industry floor shipments for HUD-Code homes versus the year-earlier eight-month period. In contrast, Cavalier's year-over-year floor shipments for HUD-Code homes fell 5.9% through the first eight months of 2006.
